Iowa State Sales Tax Requirements for Bullion & Collectibles Industry
The State of Iowa requires the collection of sales taxes on certain products sold by the Gold Financial Group and delivered to an Iowa address. These taxes must be collected on (1) any bullion products made of copper; (2) any coins that currently are not, or were not previously, used as legal tender; (3) accessory items; and (4) processed items.
The following definitions apply to products on which taxes must be collected in Iowa:
- Bullion. Bars, ingots, or commemorative medallions of gold, silver, platinum, palladium, or a combination of these where the value of the metal depends on its content and not its form.
- Coins. A coin made of gold, silver, or other metal which is or has been used as legal tender.
- Accessory Items. Items such as holders, tubes, coin flips, and apparel.
- Processed Items. Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.
Sales taxes in Iowa are calculated at checkout on the Gold Financial Group website based on (1) the taxability of products sold by Gold Financial Group in Iowa set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Iowa.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF IOWA. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF IOWA THAT RELATE TO THE READER’S TRANSACTIONS WITH GOLD FINANCIAL GROUP. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF IOWA, WE SUGGEST YOU VISIT THE IOWA DEPARTMENT OF REVENUE LOCATED AT HTTPS://TAX.IOWA.GOV/.